Virinchi has received approval to undertake Private Equity driven expansion in the healthcare sector pan-India. The company will sell the Health Care Business as a going concern by way of a slump sale to Virinchi health Care, a wholly owned subsidiary of the company for a cash consideration of Rs 45.57 crore. The Board of Directors of the Company at its meeting held on February 28, 2019 has approved the same.
In consonance with the objective of consolidation and expansion, the healthcare business in Virinchi is being transferred to Virinchi Healthcare (VHPL), the 100% subsidiary of Virinchi through slump sale and the company has appointed consultants to facilitate the process. Post completion of this activity, all healthcare business will be carried out through VHPL.
Virinchi is an IT Products & Services company listed on Bombay Stock Exchange (BSE), India, focusing on customers in North America, Europe, & Middle East.
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